Formation Project

Analysis

Formation Project is a registered charity in United States, based in N Charleston, SC. It received its IRS tax-exemption ruling in May 2020, 6 years ago. Its declared purposes cover human services, which this site groups under poverty relief. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Formation Project reported income of $815k and spending of $792k, spending 97% of its income. Across the 4 years on record, from December 2020 to December 2023, income grew from $92k to $815k (+781%), an average of +106% a year. The sharpest change came in the year to December 2021, when income rose by 332%. Over the whole period it spent 91% of the income it received.

Among 62,758 United States charities whose main cause is poverty relief and that reported income, Formation Project sits at the 72nd percentile: it is larger than about 72% of them. Against every charity in United States with reported income it ranks in the 77th percentile, and in the 80th percentile within SC. Charities of a similar size with the same main cause include Kindness Org Inc ($815k), Mariposa Dr Foundation ($815k) and The Pickaway County Agricultural Society Inc ($815k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% of the total. Compensation of current officers, directors and key employees was $118k (15% of expenses). Other salaries and wages came to $297k. At year end it held assets of $218k against liabilities of $300, net assets of $218k. It reported 9 employees.